Modest Rebound Checks Steep Decline in Fuel Prices

A recent winter reprieve in fuel costs has been short-lived. During the week of Jan. 12, the average price for regular gasoline inched up 10¢, or 5.9%, to $1.78 per gallon, while on-road diesel rose 2.3¢, or 1%, to $2.31 per gal, according to the U.S. Energy Information Administration. But prices for both fuels are still considerably lower than a year ago, with gas and diesel ringing up 41.8% and 30.4% lower, respectively. Despite low costs today, the slumping economy threatens to force a rebound in fuel prices later. EIA points to an overall climate of cutbacks for petroleum capital expenditures on the supply side, especially in 2009.

To write a comment about this story, please sign in. If this is your first time commenting on this site, you will be required to fill out a brief registration form. Your public username will be the beginning of the email address that you enter into the form (everything before the @ symbol). Other than that, none of the information that you enter will be publically displayed.

We welcome comments from all points of view. Off-topic or abusive comments, however, will be removed at the editors’ discretion.